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Land Board endorses lease for mining project despite firm’s ‘high-risk’ finances

Idaho’s top state elected officials have voted unanimously to sign a 29-year lease of state lands for a proposed feldspar and quartz mine and mill near Bovill, Idaho, though the Canadian firm proposing the project has generated no operating income and is deemed financially “high-risk.” Jane Wittmyer, consultant for the i-minerals USA project, told Idaho’s state Land Board the project could generate 60 to 80 new jobs in the area. “The bottom line is this is a good project that will help fund the endowments,” she said. Idaho’s state endowment lands largely benefit the state’s public schools.

The state Land Board, which consists of the governor, the Attorney General, the Secretary of State, the state controller, and the state superintendent of schools, voted unanimously in favor of the lease on Tuesday. At the recommendation of state lands staff, it’ll be a “phased” lease, requiring increasing payments and bonding as the project progresses. The firm first applied for a lease in 2008; the project is enthusiastically supported by local officials in the area including Benewah County Commission Chairman Jack Buell. You can read my full story here at spokesman.com.


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Betsy Z. Russell covers Idaho news from The Spokesman-Review's bureau in Boise.

Named best state-based political blog in Idaho for 2013 by The Fix

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